TIDMNCYF
RNS Number : 2072R
CQS New City High Yield Fund Ltd
27 February 2023
A copy of the Company's Half Year Report will shortly be
available on the Company's website (
https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd ), on the
National Storage Mechanism (
https://data.fca.org.uk/#/nsm/nationalstoragemechanism ) and will
also be provided to those shareholders who have requested a printed
or electronic copy.
CQS NEW CITY HIGH YIELD FUND LIMITED
Interim Results Announcement
for the six months ended 31 December 22
Statement from the Chair
Key Points
-- NAV total return of 3.25%
-- Ordinary share price total return of 7.75%
-- Dividend yield of 8.52%, based on dividends at an annualised
rate of 4.48 pence and a share price of 52.60 pence at 31 December
2022
-- Ordinary share price at a premium of 8.70% at 31 December 2022
-- GBP8.7m of equity raised during the six months to 31 December 2022
Investment and Share Price Performance
The six months ended 31 December 2022, covered by this interim
report, saw positive total returns from both the NAV and the share
price at 3.25% and 7.75% respectively. The Company's shares have
continued to trade at a premium to their NAV and as 31 December
2022, this stood at 8.70%.
Stock markets were volatile during the six months to 31 December
2022 as worries continued about high levels of inflation and the
corresponding interest rate rises from central banks. The UK debt
market was rattled by the short lived "mini budget" in September
2022 and although has since stabilised, yields are higher than
previously prevailed. Ian "Franco" Francis, your investment
manager, discusses the six months in more detail in his review
below.
Earnings and Dividends
The Company's earnings per ordinary share were 2.27 pence for
the six months, compared to a figure of 2.09 pence earned in the
same period last year. As expected, the revenue account is
improving as portfolio income is increasing with rising interest
rates.
The Company has declared two dividends of 1.00 pence so far in
this financial period, maintaining the level of those declared in
the same period last year. In the absence of unforeseen
circumstances, the Board expects to follow the same pattern of
dividend payments as declared last year and maintain or slightly
increase the total level of dividends for the year. Based on an
annual rate of 4.48 pence and a share price of 52.60 pence at the
time of writing, this represents a dividend yield of 8.52%. The
Board anticipates that earnings per ordinary share for the whole
year will fall a little short of the total dividend, although less
so than last year and is prepared to use a modest amount of
reserves to make up the marginal shortfall. The Board pays great
attention to dividend payments and since its launch in 2007, the
level of dividends paid by the Company has increased every
year.
Gearing
The Company has a GBP45m loan facility with Scotiabank Europe
Plc ("Scotiabank") which is due to expire in December 2023. Of this
facility, GBP33m was drawn down at 31 December 2022 and the Company
had an effective gearing rate of 12.65%.
Share Issuance
Taking advantage of the premium rating that the market continues
to attach to your Company's ordinary shares, GBP8.7m was raised
from new and existing shareholders during the six month period
ended 31 December 2022, with 17m ordinary shares issued from the
block listing facility. A further GBP9.2m has been raised since 31
December 2022. As well as a modest increase in NAV from any issue
of shares, over time existing shareholders benefit from lower
ongoing charges and greater liquidity in the Company's shares.
Outlook
I believe that your Company has weathered recent storms well and
with the economic environment looking a little more positive, at
least as far as the inflation trajectory is concerned, fixed
interest securities, which make up the majority of the Company's
holdings, may now enjoy a somewhat smoother ride. As I have written
before, most of your Company's fixed interest holdings have quite
short remaining time to maturity and are therefore less impacted by
interest rate changes but a more stable environment is usually
helpful to the credit quality of the underlying issuers. All in
all, the Board expects to be able to continue to reward
shareholders with attractive dividends as described previously and
remains comfortable with the Company's portfolio.
Caroline Hitch
Chair
27 February 2023
Investment Manager's Review
Market and economic review
The six month period under review from 30 June 2022 to 31
December 2022 was one which most people would want to forget. A
seemingly unending litany of woe - weak markets, higher inflation,
unstable governments, crippling energy prices and rising interest
rates were but a few of the horror stories we saw during the late
Summer and Autumn of 2022. Despite all the bad news, we saw some
signs of stabilisation towards the end of the year and the
forward-looking stock markets managed to eke out a positive return
for the six months to 31 December 2022. For your Company, with the
inclusion of dividends paid, the total net asset return for the six
months to 31 December 2022 was a positive 3.25%.
During the six month period under review, inflation became much
more embedded into the economy. At the end of June 2022, the UK CPI
reading was an annual increase of 9.10%; by the end of December
2022, this had reached 10.50% although there are signs that it may
have peaked. There was a similar pattern in other major economies
such as the US and the EU. In response to the higher rates of
inflation, most central banks have increased interest rates. In the
UK, there was a series of consecutive interest rate rises with the
base rate rising to 3.50% at the end of December 2022.
The bond markets had a very volatile period over the second half
of 2022. UK 10-year gilts yields reached a 15 year high at 4.50% at
the end of September on the back of former Prime Minister Liz
Truss's growth plan which proposed billions of pounds in unfunded
tax cuts, shooting up the country's risk premium. 10-year gilt
yields have fallen back since then to reach 3.70% at the end of
December 2022 but remain elevated as inflation persists.
In the US, the economy appears to be proving more resilient to
the effects of inflation; the same cannot be said of the EU at
present with growth slowing sharply.
Portfolio Review
During the period, there were several bonds called or repaid and
we were able to invest the proceeds at higher coupon rates than we
have done previously. Good examples of this are the Barclays AT1
7.75% being rolled over into an 8.75% coupon and the Shawbrook
Group 7.785% FRN being called and replaced with a 12.10% coupon. We
also took the opportunity in September 2022 when sterling was weak
to sell some of our US dollar denominated Bombardier 7.50% 2025
bonds and replaced them with more attractive UK and Euro bonds. A
new entry into the Top 10 is Albion Financing 8.75% 2027 (a
European industrial group). The portfolio continues to be well
diversified across a range of sectors as well as interest rates
with a good proportion in floating rate notes. The weighting of the
portfolio in non-sterling currencies was 35.21% of the portfolio as
at 31 December 2022. The Company's policy is not to hedge its
non-sterling holdings.
For the six months to 31 December 2022, the revenue account
earnings were 2.27 pence compared to 2.09 pence for the same period
last year. Earnings per ordinary share have improved as we have
invested at slightly higher yields and received repayment of
historic arrears from the REA preference shares we hold. In our
regular discussions with shareholders, revenue and dividends are
topics of crucial importance and the ability of any portfolio
company to pay its coupon or expected dividend is one of the major
indicators we follow.
Outlook
The outlook for the next six months should be a little more
positive as inflation starts to fall with fuel prices dropping back
and supply chains in manufacturing returning to near normal. The
main danger here is wage inflation and worker unrest. As regards
interest rates, they are expected to continue to rise in the short
term and it is key that central banks stop tightening before they
push economies into recession as money supply is already falling at
a rapid rate, a leading indicator which usually signals recession
is on the way. As regards high yield bond markets, they are now
offering a better balanced risk reward opportunity with many well
managed companies offering bond yields in excess of 7.00%.
Ian "Franco" Francis
New City Investment Managers
27 February 2023
Directors' Statements
Directors' Statement of Principal Risks and Uncertainties
When considering the total return of the Company, the Directors
take account of the risk which has been taken in order to achieve
that return. The Directors have carried out a robust assessment of
the principal risks and mitigating factors facing the Company
including those which would threaten its business model, future
performance, solvency or liquidity. The following risk factors have
been identified and are listed below:
-- Dividend and earnings risk
-- Market risk leading to a loss of share value
-- Key person risk
-- Gearing risk
-- Operational risk
-- Regulatory risk
-- Political risk
-- Financial risk
Information on these risks and how they are managed is given in
the Annual Report and Financial Statements for the year ended 30
June 2022. In the view of the Board, these principal risks and
uncertainties are as applicable to the remaining six months of the
current financial year as they were in the six months under
review.
Directors' Responsibility Statement in Respect of the Interim
Report
We confirm that to the best of our knowledge:
-- the unaudited condensed financial statements within the
Interim Report have been prepared in accordance with IAS 34 -
Interim Financial Reporting, as adopted by the European Union
("EU") and give a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company as at 31
December 2022, as required by the Financial Conduct Authority's
("FCA") Disclosure Guidance and Transparency Rule ("DTR")
4.2.4R.
-- the Statement from the Chair, Investment Manager's Review and
the condensed financial statements include a fair review of the
information required by the Disclosure Guidance and Transparency
Rules ("DTR") 4.2.7R, being an indication of important events that
have occurred during the first six months ended 31 December 2022
and their impact on the unaudited condensed financial
statements;
-- the Directors' Statement of Principal Risks and Uncertainties
shown above is a fair review of the information required by DTR
4.2.7R; and
-- the condensed set of financial statements include a fair
review of the information required by DTR 4.2.8R, being related
party transactions that have taken place during the six months
ended 31 December 2022 and that have materially affected the
financial position or performance of the Company during that
period.
Signed on behalf of the Board
Caroline Hitch
Chair
27 February 2023
Condensed Statement of Comprehensive Income
For the six months ended 31 December 2022 (Unaudited)
Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000
-------------------------------------------------------------------- ------ --------- --------- ---------
Net capital losses
Losses on financial assets designated at fair value 8 - (3,301) (3,301)
Foreign exchange loss* - (163) (163)
Revenue
Investment income 3 12,764 - 12,764
-------------------------------------------------------------------- ------ --------- --------- ---------
Total income 12,764 (3,464) 9,300
-------------------------------------------------------------------- ------ --------- --------- ---------
Expenses
Investment management fee 4 (787) (261) (1,048)
Other expenses 5 (386) (50) (436)
-------------------------------------------------------------------- ------ --------- --------- ---------
Total expenses (1,173) (311) (1,484)
-------------------------------------------------------------------- ------ --------- --------- ---------
Profit/(loss) before finance cost and taxation 11,591 (3,775) 7,816
Finance income/(costs)
Interest income 38 - 38
Interest expense 6 (450) (150) (600)
-------------------------------------------------------------------- ------ --------- --------- ---------
Profit/(loss) before taxation 11,179 (3,925) 7,254
Irrecoverable withholding tax (197) - (197)
-------------------------------------------------------------------- ------ --------- --------- ---------
Profit/(loss) after taxation and total comprehensive income/(loss) 10,982 (3,925) 7,057
Basic and diluted earnings/(losses) per ordinary share (pence) 7 2.27 (0.81) 1.46
For the six months ended 31 December 2021 (Unaudited)
Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000
--------------------------------------------------------- ------ --------- --------- ---------
Net capital gains/(losses)
Gains on financial assets designated at fair value 8 - 3,192 3,192
Foreign exchange loss* - (15) (15)
Revenue
Investment income 3 11,049 - 11,049
--------------------------------------------------------- ------ --------- --------- ---------
Total income 11,049 3,177 14,226
--------------------------------------------------------- ------ --------- --------- ---------
Expenses
Investment management fee 4 (800) (267) (1,067)
Other expenses 5 (386) (71) (457)
--------------------------------------------------------- ------ --------- --------- ---------
Total expenses (1,186) (338) (1,524)
--------------------------------------------------------- ------ --------- --------- ---------
Profit before finance cost and taxation 9,863 2,839 12,702
Finance costs
Interest expense 6 (190) (61) (251)
--------------------------------------------------------- ------ --------- --------- ---------
Profit before taxation 9,673 2,778 12,451
Irrecoverable withholding tax (207) - (207)
--------------------------------------------------------- ------ --------- --------- ---------
Profit after taxation and total comprehensive income 9,466 2,778 12,244
Basic and diluted earnings per ordinary share (pence) 7 2.09 0.61 2.70
For the year ended 30 June 2022 (Audited)
Revenue Capital Total
Notes GBP'000 GBP'000 GBP'000
-------------------------------------------------------------------- ------ --------- --------- ---------
Net capital gains/(losses)
Losses on financial assets designated at fair value 8 - (14,459) (14,459)
Foreign exchange gain* - 61 61
Revenue
Investment income 3 22,362 - 22,362
-------------------------------------------------------------------- ------ --------- --------- ---------
Total income 22,362 (14,398) 7,964
-------------------------------------------------------------------- ------ --------- --------- ---------
Expenses
Investment management fee 4 (1,595) (531) (2,126)
Other expenses 5 (772) (75) (847)
-------------------------------------------------------------------- ------ --------- --------- ---------
Total expenses (2,367) (606) (2,973)
-------------------------------------------------------------------- ------ --------- --------- ---------
Profit/(loss) before finance cost and taxation 19,995 (15,004) 4,991
Finance income/(costs)
Interest income 1 - 1
Interest expense 6 (456) (152) (608)
-------------------------------------------------------------------- ------ --------- --------- ---------
Profit/(loss) before taxation 19,540 (15,156) 4,384
Irrecoverable withholding tax (377) - (377)
-------------------------------------------------------------------- ------ --------- --------- ---------
Profit/(loss) after taxation and total comprehensive income/(loss) 19,163 (15,156) 4,007
Basic and diluted earnings/(losses) per ordinary share (pence) 7 4.16 (3.29) 0.87
* Excludes foreign exchange gains and losses on financial assets
designated through profit and loss, which are presented within
(loss)/gain on financial assets designated at fair value.
The total column of this statement represents the Company's
Condensed Statement of Comprehensive Income, prepared in accordance
with IFRS. The supplementary revenue return and capital return
columns are both prepared under guidance published by the
Association of Investment Companies.
There is no other comprehensive income as all income is recorded
in the Condensed Statement of Comprehensive Income above.
All revenue and capital items in the above statement are derived
from continuing operations.
No operations were acquired or discontinued during the
period.
The accompanying notes below are an integral part of these
condensed financial statements
Condensed Statement of Financial Position
As at 31 December 2022
As at 31 December 2022 As at 31 December 2021 As at 30 June 2022
(Unaudited) (Unaudited) (Audited)
Notes GBP'000 GBP'000 GBP'000
--------------------------------- ------ -------------------------- -------------------------- -------------------
Non-current assets
Financial assets designated at
fair value through
profit or loss 8 263,811 269,249 263,393
--------------------------------- ------ -------------------------- -------------------------- -------------------
Current assets
Debtors and other receivables 5,818 3,707 3,819
Cash and cash equivalents 2,781 6,062 3,985
--------------------------------- ------ -------------------------- -------------------------- -------------------
8,599 9,769 7,804
--------------------------------- ------ -------------------------- -------------------------- -------------------
Total assets 272,410 279,018 271,197
--------------------------------- ------ -------------------------- -------------------------- -------------------
Non-current liabilities
Bank loan 6 - (33,000) (33,000)
--------------------------------- ------ -------------------------- -------------------------- -------------------
Current liabilities
Bank loan 6 (33,000) - -
Creditors and other payables (517) (496) (3,211)
--------------------------------- ------ -------------------------- -------------------------- -------------------
Total liabilities (33,517) (33,496) (36,211)
--------------------------------- ------ -------------------------- -------------------------- -------------------
Net asset value 238,893 245,522 234,986
--------------------------------- ------ -------------------------- -------------------------- -------------------
Stated capital and reserves
Stated capital account 9 229,368 213,624 220,649
Special distributable reserve 50,385 50,385 50,385
Capital reserve (55,535) (33,676) (51,610)
Revenue reserve 14,675 15,189 15,562
--------------------------------- ------ -------------------------- -------------------------- -------------------
Equity shareholders' funds 238,893 245,522 234,986
--------------------------------- ------ -------------------------- -------------------------- -------------------
Net asset value per ordinary
share (pence) 10 48.39p 52.95p 49.30p
--------------------------------- ------ -------------------------- -------------------------- -------------------
The condensed financial statements were approved by the Board of
Directors and authorised for issue on 27 February 2023 and were
signed on its behalf by:
Caroline Hitch
Chair
The accompanying notes below are an integral part of these
condensed financial statements.
Condensed Statement of Changes in Equity
For the six months ended 31 December 2022 (Unaudited)
Stated capital Special Revenue Total
account distributable Capital reserve
reserve reserve
Notes GBP'000 GBP'000
GBP'000 GBP'000 GBP'000
------------------- -------- --------------- ------------------ ----------------- ----------------- ------------
At 1 July 2022 220,649 50,385 (51,610) 15,562 234,986
Total
comprehensive
income
for the period:
Profit/(loss) for
the period - - (3,925) 10,982 7,057
Transactions with
owners
recognised
directly in
equity:
Dividends paid 11 - - - (11,869) (11,869)
Net proceeds from
issue of
ordinary shares 9 8,719 - - - 8,719
At 31 December
2022 229,368 50,385 (55,535) 14,675 238,893
------------------- -------- --------------- ------------------ ----------------- ----------------- ------------
For the six months ended 31 December 2021 (Unaudited)
Stated capital Special Revenue Total
account distributable Capital reserve
reserve reserve
Notes GBP'000 GBP'000
GBP'000 GBP'000 GBP'000
------------------- -------- --------------- ------------------ ----------------- ----------------- ------------
At 1 July 2021 203,416 50,385 (36,454) 16,831 234,178
Total
comprehensive
income
for the period:
Profit for the
period - - 2,778 9,466 12,244
Transactions with
owners recognised
directly in
equity:
Dividends paid 11 - - - (11,108) (11,108)
Net proceeds from
issue of
ordinary shares 10,208 - - - 10,208
At 31 December
2021 213,624 50,385 (33,676) 15,189 245,522
------------------- -------- --------------- ------------------ ----------------- ----------------- ------------
For the year ended 30 June 2022 (Audited)
Stated capital Special distributable Capital Revenue Total
account reserve reserve reserve
GBP'000
Notes GBP'000 GBP'000
GBP'000 GBP'000
---------------------------------- -------- --------------- ---------------------- --------- --------- ---------
At 1 July 2021 203,416 50,385 (36,454) 16,831 234,178
Total comprehensive income
for the year:
Profit/(loss) for the year - - (15,156) 19,163 4,007
Transactions with owners
recognised
directly in equity:
Dividends paid 11 - - - (20,432) (20,432)
Net proceeds from issue of
ordinary shares 17,233 - - - 17,233
---------------------------------- -------- --------------- ---------------------- --------- ---------
At 30 June 2022 220,649 50,385 (51,610) 15,562 234,986
---------------------------------- -------- --------------- ---------------------- --------- --------- ---------
The accompanying notes below are an integral part of these
condensed financial statements.
Condensed Cash Flow Statement
Six months ended Six months ended Year ended
31 December 2022 31 December 2021 30 June 2022
(Unaudited) (Unaudited) (Audited)
Notes GBP'000 GBP'000 GBP'000
Operating activities
Profit before finance income/(cost) and taxation
(1) 7,816 12,702 4,991
Adjustments to reconcile profit before finance
cost and taxation to net cash flows:
Realised gain on financial assets
designated
at fair value through profit or loss 8 (5,131) (2,948) (3,631)
Unrealised loss/(gain) on financial
assets
designated at fair value through
profit or loss 8 8,432 (244) 18,090
Effective interest adjustment 8 (121) (67) (154)
Foreign exchange loss/(gain) 163 15 (61)
Purchase of financial assets designated at fair
value through profit or loss (2) (41,403) (74,340) (110,433)
Proceeds from sale of financial assets designated
at fair value through
profit or loss (3) 37,192 60,755 85,833
Changes in working capital
Increase in other receivables (1,998) (317) (508)
(Decrease)/increase in other payables (2,097) 174 2,266
Irrecoverable withholding tax paid (197) (207) (377)
--------------------------------------------------- ------ ------------------- ------------------- ---------------
Net cash inflow/(outflow) generated from/(used in)
operating activities 2,656 (4,477) (3,984)
--------------------------------------------------- ------ ------------------- ------------------- ---------------
Financing activities
Dividends paid 11 (11,869) (11,108) (20,432)
Finance costs (547) (248) (595)
Net proceeds from issuance of ordinary shares 9 8,719 10,483 17,508
--------------------------------------------------- ------ ------------------- ------------------- ---------------
Net cash outflow used in financing activities (3,697) (873) (3,519)
--------------------------------------------------- ------ ------------------- ------------------- ---------------
Decrease in cash and cash equivalents (1,041) (5,350) (7,503)
--------------------------------------------------- ------ ------------------- ------------------- ---------------
Cash and cash equivalents at the start of the
period 3,985 11,427 11,427
Exchange (loss)/gain (163) (15) 61
--------------------------------------------------- ------ ------------------- ------------------- ---------------
Cash and cash equivalents at the end of the period 2,781 6,062 3,985
--------------------------------------------------- ------ ------------------- ------------------- ---------------
(1) Included within profit before finance income/(cost) and
taxation is dividend income of GBP2,507,000 (30 June 2022:
GBP3,684,000; 31 December 2021: GBP1,455,000) and interest income
of GBP10,257,000 (30 June 2022: GBP18,678,000; 31 December 2021:
GBP9,594,000).
(2) Amounts due to brokers as at 31 December 2022 relating to
purchases of financial assets designated at fair value through
profit amounted to GBPnil (30 June 2022: GBP613,000; 31 December
2021: GBP244,000).
(3) Amounts due from brokers as at 31 December 2022 relating to
sales of financial assets designated at fair value through profit
amounted to GBPnil (30 June 2022: GBPnil; 31 December 2021:
GBPnil).
The accompanying notes below are an integral part of these
condensed financial statements.
Notes to the Condensed Financial Statements
1 General Information
The Company was incorporated as a closed-end investment company
with limited liability in Jersey under the Companies (Jersey) Law
1991 on 17 January 2007, with registered number 95691. The
Company's ordinary shares were admitted to the Official List as
maintained by the Financial Conduct Authority and admitted to
trading on the Main Market of the London Stock Exchange on 7 March
2007.
The Company's registered address is IFC1, The Esplanade, St
Helier, Jersey, JE1 4BP.
2 Accounting policies
2.1 Basis of accounting
The Annual Report and Financial Statements is prepared in
accordance with the Disclosure Guidance and Transparency Rules of
the Financial Conduct Authority and with International Financial
Reporting Standards ("IFRS ") as adopted by the European Union
which comprise standards and interpretations approved by the
International Accounting Standards Board, and interpretations
issued by the International Financial Reporting Standards and
Standing Interpretations Committee as approved by the International
Accounting Standards Committee which remain in effect. The Annual
Report and Financial Statements are also prepared in accordance
with the guidance set out in the Statement of Recommended Practice:
Financial Statements of Investment Trust Companies and Venture
Capital Trusts issued by the Association of Investment Companies
(the "AIC SORP") in November 2014 and updated most recently in
April 2021 with consequential amendments where this does not
conflict with IFRS. The Interim Report has been prepared in
accordance with International Accounting Standards (IAS) 34 -
Interim Financial Reporting ("IAS 34") as adopted by the European
Union. They have also been prepared using the same accounting
policies applied for the year ended 30 June 2022 Annual Report and
Financial Statements, which was prepared in accordance with IFRS,
except for any new standards and interpretations applicable to the
Company during the six month period under review. The Company has
not early adopted any other standard, interpretation or amendment
that has been issued but is not yet effective.
Standards and amendments to existing standards effective in the
current period:
A number of amendments and interpretations to existing standards
have been issued and are effective in the current period but are
not relevant to the Company's operations. As such, the Directors
believe that the application of these amendments and
interpretations will not impact the Company's condensed financial
statements.
Standards, amendments and interpretations issued but not yet
effective
A number of amendments and interpretations to existing standards
have been issued, but are not yet effective, that are not relevant
to the Company's operations. The Directors believe that the
application of these amendments and interpretations will not impact
the Company's condensed financial statements when they become
effective.
2.2 Going concern
The condensed financial statements have been prepared on the
going concern basis. In assessing the going concern basis of
accounting, the Directors have had regard to the guidance issued by
the Financial Reporting Council. The Company's existing loan
facility as detailed in Note 6 is due to expire on 17 December 2023
after which it is anticipated the Company will take out a new
facility on comparable terms. After making enquiries of the
Investment Manager and having considered the Company's investment
objective, nature of the investment portfolio, loan facility,
expenditure projections, impact of COVID-19 and the impact of the
Russia-Ukraine conflict on the Company, the Directors consider that
the Company has adequate resources to continue in operational
existence for the foreseeable future. For this reason, the
Directors continue to adopt the going concern basis in preparing
the interim financial statements.
2.3 Segmental reporting
The Company holds a wide variety of different investments in a
wide range of issues locating in different geographies and
operating in different sectors. However, resources are allocated
and the business is managed by the Directors on an aggregated
basis. Strategic and financial management decisions are determined
centrally by the Directors and on this basis, the Company operates
as a single investment management business and no segmental
reporting is provided.
2.4 Seasonality
The Company's business is not subject to seasonal
fluctuations.
3 Investment Income
Six months ended Six months ended 31 December 2021 Year ended
31 December 2022 (Unaudited) 30 June 2022
(Unaudited) GBP'000 (Audited)
GBP'000 GBP'000
Income from investments
------------------- ---------------------------------- --------------
Dividend income 2,507 1,455 3,684
------------------- ---------------------------------- --------------
Interest on fixed interest securities* 10,257 9,594 18,678
------------------- ---------------------------------- --------------
Total income 12,764 11,049 22,362
------------------- ---------------------------------- --------------
* Fixed income securities include fixed and floating rate
securities, convertible securities and preference shares.
4 Investment management fee
The Company's investment manager is CQS (UK) LLP ("CQS").
As per the Investment Management Agreement dated 18 September
2019, the management fee is charged at a rate of 0.8% per annum on
the Company's total assets (being total assets less current
liabilities, other than bank borrowings and ignoring any taxation
which is or may be payable by the Company) up to GBP200m, 0.7% per
annum of Assets in excess of GBP200m and up to and including
GBP300m and 0.6% per annum thereafter. The management fee is paid
monthly in arrears .
The contract between the Company and CQS (UK) LLP may be
terminated by either party giving not less than 12 months' notice
of termination.
During the six month period ended 31 December 2022, investment
management fees of GBP1,048,000 were incurred (year ended 30 June
2022: GBP2,126,000; six months ended 31 December 2021:
GBP1,067,000), of which GBP343,000 was payable at the period end
(as at 30 June 2022: GBP173,000; as at 31 December 2021:
GBP355,000). Investment management fees have been allocated 75% to
revenue and 25% to capital.
5 Other expenses
During the six months ended 31 December 2022, the Company's
other expenses were GBP436,000 (year ended 30 June 2022:
GBP847,000; six months ended
31 December 2021: GBP457,000).
Secretarial and administration fees
Secretarial and administration fees were GBP102,000 during the
six months ended 31 December 2022 (year ended 30 June 2022:
GBP207,000; six months ended 31 December 2021: GBP104,000).
Directors' fees
The Directors' yearly remuneration, effective from 1 July 2021,
is as follows:
Chair GBP42,500
Audit Chair GBP36,500
Other GBP30,000
The Board has not approved any change in remuneration during the
six month period ended 31 December 2022.
Directors fees for the six months ended 31 December 2022 were
GBP85,000 (year ended 30 June 2022: GBP169,000; six months ended 31
December 2021: GBP85,000).
Audit fees and non-audit fees paid to the auditor
Audit fees accrued for the six month period were GBP25,000 (year
ended 30 June 2022: GBP48,000; six months ended 31 December 2021:
GBP23,000).
There were no non-audit fees paid to the auditor during the six
month period ended 31 December 2022 (year ended 30 June 2022:
GBPnil; six months ended 31 December 2021: GBPnil).
6 Bank loan and interest expense
Six months ended Six months ended Year ended
31 December 2022 31 December 2021 30 June 2022
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Bank loan facility 33,000 33,000* 33,000
-------------------------------- ------------------------------- --------------
*The bank loan of GBP33m as at the comparative period 31
December 2021 has been restated as 'Non-current liability' on the
face of the Statement of Financial Position.
The Company has a short term unsecured loan facility of GBP45m
with Scotiabank with the following salient terms:
-- the Company has an option to increase the facility by a
further GBP5m - no commitment fees are payable on the GBP5m until
this option is exercised;
-- the loan facility is due to expire on 17 December 2023;
-- the interest on the loan would be a margin of 1.45% per annum
plus the daily Sterling Overnight Index Average (SONIA) rate;
and
-- the commitment fees payable would be 0.375% or 0.425% per
annum depending on the remaining commitment.
As at 31 December 2022, an amount of GBP33m (as at 31 December
2021: GBP33m; as at 30 June 2022: GBP33m) was drawn down from the
facility.
During the six month period ended 31 December 2022 and up until
the date of this report, the Company has complied with all
covenants of the loan facility which are as follows:
-- the borrower shall not permit the adjusted asset coverage to be less than 4 to 1;
-- the borrower shall not permit the NAV to be less than GBP95m at any time; and
-- the borrower shall maintain an additional adjusted asset
coverage of at least 1.5 to 1 at all times.
During the period, the Company incurred interest expense of
GBP600,000 (year ended 30 June 2022: GBP608,000; six months ended
31 December 2021: GBP251,000).
7 Basic and diluted earnings/(losses) per ordinary share
Revenue Capital Total
for the six months ended 31 December 2022 2.27p (0.81)p 1.46p
-------- -------- ------
for the six months ended 31 December 2021 2.09p 0.61p 2.70p
-------- -------- ------
for the year ended 30 June 2022 4.16p (3.29)p 0.87p
-------- -------- ------
The revenue earnings per ordinary share is based on the net
profit after taxation of GBP10,982,000 (year ended 30 June 2022:
GBP19,163,000; six months ended 31 December 2021: GBP9,466,000) and
on a weighted average of 483,222,238 (year ended 30 June 2022:
460,845,694; six months ended 31 December 2021: 453,397,510)
ordinary shares in issue throughout the period.
The capital return per ordinary share is based on a net capital
loss of GBP3,925,000 (six months ended 31 December 2021: a net
capital gain of GBP2,778,000; year ended 30 June 2022: a net
capital loss of GBP15,156,000 and on a weighted average of
483,222,238 (year ended 30 June 2022: 460,845,694; six months ended
31 December 2021: 453,397,510) ordinary shares in issue throughout
the period.
There have been no transactions involving the Company's ordinary
shares between 31 December 2022 and 27 February 2023 other than
those disclosed in note 13.
8 Financial assets designated at fair value through profit or
loss
All financial assets are valued at fair value through profit or
loss. Gains or losses arising from changes in the fair value of
investments are included in the Statement of Comprehensive
Income.
As at As at As at
31 December 2022 31 December 2021 30 June
(Unaudited) (Unaudited) 2022
GBP'000 GBP'000 (Audited)
GBP'000
Opening valuation 263,393 257,467 257,467
------------------- ------------------ -----------
Purchases at cost 40,790 69,358 106,064
------------------- ------------------ -----------
Sales proceeds (37,192) (60,835) (85,833)
------------------- ------------------ -----------
Realised gain on sales(1) 5,131 2,948 3,631
------------------- ------------------ -----------
Effective interest adjustment 121 67 154
------------------- ------------------ -----------
Unrealised (loss)/gain(2) (8,432) 244 (18,090)
------------------- ------------------ -----------
Closing valuation 263,811 269,249 263,393
------------------- ------------------ -----------
Net (losses)/gains on financial assets designated at
fair value through profit or loss for the period/year (3,301) 3,192 (14,459)
(1) Realised gain is made up of gains of GBP5,131,000 (30 June
2022: GBP5,680,000; 31 December 2021: GBP3,939,000) and losses of
GBPnil (30 June 2022: GBP2,049,000; 31 December 2021:
GBP991,000).
(2) Unrealised (loss)/gain is made up of gains of GBP6,113,000
(30 June 2022: GBP14,225,000; 31 December 2021: GBP8,849,000) and
losses of GBP14,545,000 (30 June 2022: GBP32,315,000; 31 December
2021: GBP8,605,000).
Fair Value Hierarchy
International Financial Reporting Standard ("IFRS") 13 Fair
Value Measurement requires an analysis of investments valued at
fair value based on the reliability and significance of information
used to measure their fair value. The Level is determined by the
lowest (that is the least reliable or independently observable)
level of input that is significant to the fair value measurement
for the individual investment in its entirety as follows:
-- Level 1 - investments quoted in an active market;
-- Level 2 - investments whose fair value is based directly on
observable current market prices or indirectly being derived from
market prices;
-- Level 3 - investments whose fair value is determined using a
valuation technique based on assumptions that are not supported by
observable current market prices or based on observable market
data.
Transfers in and out of the levels are deemed to have occurred
at the start of the reporting period.
Investments valued using stock market active prices are
disclosed as Level 1 and this is the case for the quoted equity
investments that the Company holds. Securities in Level 2 are
priced using evaluated prices from a third party vendor, together
with a price comparison made to evaluated secondary and tertiary
third party sources, including broker quotes and benchmarks. As a
result, these investments are disclosed as Level 2 - recognising
that the fair values of these investments are not as visible as
quoted investments and their higher inherent pricing risk.
Investments included as Level 3 are priced by the investment
manager using a valuation technique reviewed by the Board taking
into account, where appropriate, latest dealing prices, broker
statements, valuation information and other relevant factors.
Level 1 Level 2 Level 3 Total
Financial assets at fair value GBP'000 GBP'000 GBP'000 GBP'000
Fixed income securities* 235 209,180 4,513 213,928
--------- --------- --------- ---------
Equity shares 45,926 3,834 123 49,883
--------- --------- --------- ---------
As at 31 December 2022 46,161 213,014 4,636 263,811
--------- --------- --------- ---------
Level 1 Level 2 Level 3 Total
Financial assets at fair value GBP'000 GBP'000 GBP'000 GBP'000
Fixed income securities* 14,919 208,109 1,284 224,312
--------- --------- --------- ---------
Equity shares 39,253 5,448 236 44,937
--------- --------- --------- ---------
As at 31 December 2021 54,172 213,557 1,520 269,249
--------- --------- --------- ---------
Level 1 Level 2 Level 3 Total
Financial assets at fair value GBP'000 GBP'000 GBP'000 GBP'000
Fixed income securities* 234 209,627 3,845 213,706
--------- --------- --------- ---------
Equity shares 45,195 4,038 454 49,687
--------- --------- --------- ---------
As at 30 June 2022 45,429 213,665 4,299 263,393
--------- --------- --------- ---------
*Fixed income securities include fixed and floating rate
securities, convertible securities and preference shares.
Financial assets designated at fair value through profit or loss
reconciliation - Level 3
IFRS 13 requires disclosure, by class of financial instrument,
if the effect of changing one or more input to reasonably possible
alternative assumptions would result in a significant change to the
fair value measurement. The information used in determination of
the fair value of Level 3 investments is chosen with reference to
the specific underlying circumstances and position of the investee
company. On that basis, the Board believes that the impact of
changing one or more of the inputs to reasonably possible
alternative assumptions would not change the fair value
significantly. The following shows a reconciliation from the
beginning to the end of the period for fair value measurements in
Level 3 of the fair value hierarchy.
Six months ended
31 December 2022
(Unaudited)
Level 3 Financial Assets GBP'000
Opening valuation 4,299
------------------
Purchases 183
------------------
Sales (677)
------------------
Unrealised gains 27
------------------
Realised gains 245
------------------
Transfers into Level 3 559
------------------
4,636
------------------
Transfers into Level 3
Trevali Mining Corp GBPnil (30 June 2022: GBP80,000) was
transferred out of Level 1 to Level 3 because it was delisted
during the six month period ended 31 December 2022.
NT Rig Holdco 7.5% 19-20/12/2021 GBP42,000 (30 June 2022:
GBP438,000) and Oro Negro Dril 7.5% 14-24/01/2019 GBP55,000 (30
June 2022: GBP41,000) were transferred out of Level 2 to Level 3
because they have been categorized as default.
Quantitative information of significant unobservable inputs -
Level 3
The following table summarises the significant unobservable
inputs the Company used to value its significant investments
categorised within Level 3 as at
31 December 2022:
Fair value as at Valuation technique Significant Range/input Weighted Average
31 December 2022 Unobservable inputs
Description GBP000
Matalan Finance 9.5% Unadjusted Broker
18-31/01/2024 4,416 Vendor Pricing Quote 1 N/A
------------------ -------------------- -------------------- ------------ -----------------
R.E.A Holdings Plc
CW 15/07/2025 123 Black Scholes model Volatility 28.8 N/A
------------------ -------------------- -------------------- ------------ -----------------
Oro Negro Drilli Unadjusted Broker
7.5% 24Jan2023 55 Vendor Pricing Quote 1 N/A
------------------ -------------------- -------------------- ------------ -----------------
NT Rig Holdco 7.5% Unadjusted Broker
19-31/12/2023 42 Vendor Pricing Quote 1 N/A
------------------ -------------------- -------------------- ------------ -----------------
Total 4,636
------------------ -------------------- -------------------- ------------ -----------------
The remaining 22 investments classified as Level 3 have not been
included in the above analysis as they have fair value of nil as at
31 December 2022.
9 Stated capital account
Authorised
The authorised share capital of the Company is represented by an
unlimited number of ordinary shares of no par value.
Allotted, called up and fully-paid
Amount Share Issue Costs Share
Number of received GBP'000 capital
ordinary shares GBP'000 GBP'000
Total as at
1 July
2022 476,651,858 220,649
------------------------------- --------------------------------- ------------------------------------- ------------------------
750,000
ordinary
shares of
no par
value
allotted
on 4
August
2022 at
51.80p 750,000 389 (3) 386
------------------------------- --------------------------------- ------------------------------------- ------------------------
500,000
ordinary
shares of
no par
value
allotted
on 9
August
2022 at
52.00p 500,000 260 (2) 258
------------------------------- --------------------------------- ------------------------------------- ------------------------
750,000
ordinary
shares of
no par
value
allotted
on 16
August
2022 at
52.50p 750,000 394 (3) 391
------------------------------- --------------------------------- ------------------------------------- ------------------------
500,000
ordinary
shares of
no par
value
allotted
on 26
August
2022 at
53.00p 500,000 265 (2) 263
------------------------------- --------------------------------- ------------------------------------- ------------------------
850,000
ordinary
shares of
no par
value
allotted
on 31
August
2022 at
53.00p 850,000 450 (3) 447
------------------------------- --------------------------------- ------------------------------------- ------------------------
500,000
ordinary
shares of
no par
value
allotted
on 2
September
2022 at
53.16p 500,000 266 (2) 264
------------------------------- --------------------------------- ------------------------------------- ------------------------
500,000
ordinary
shares of
no par
value
allotted
on 15
September
2022 at
53.25p 500,000 266 (2) 264
------------------------------- --------------------------------- ------------------------------------- ------------------------
500,000
ordinary
shares of
no par
value
allotted
on 22
September
2022 at
53.30p 500,000 267 (2) 265
------------------------------- --------------------------------- ------------------------------------- ------------------------
3,500,000
ordinary
shares of
no par
value
allotted
on 1
November
2022 at
51.25p 3,500,000 1,793 (13) 1,780
------------------------------- --------------------------------- ------------------------------------- ------------------------
500,000
ordinary
shares of
no par
value
allotted
on 4
November
2022 at
51.50p 500,000 258 (3) 255
------------------------------- --------------------------------- ------------------------------------- ------------------------
2,600,000
ordinary
shares of
no par
value
allotted
on 8
November
2022 at
51.20p 2,600,000 1,331 (13) 1,318
------------------------------- --------------------------------- ------------------------------------- ------------------------
500,000
ordinary
shares of
no par
value
allotted
on 11
November
2022 at
51.30p 500,000 257 (3) 254
------------------------------- --------------------------------- ------------------------------------- ------------------------
600,000
ordinary
shares of
no par
value
allotted
on 15
November
2022 at
51.50p 600,000 309 (3) 306
------------------------------- --------------------------------- ------------------------------------- ------------------------
750,000
ordinary
shares of
no par
value
allotted
on 17
November
2022 at
51.60p 750,000 387 (4) 383
------------------------------- --------------------------------- ------------------------------------- ------------------------
500,000
ordinary
shares of
no par
value
allotted
on 24
November
2022 at
51.60p 500,000 258 (3) 255
------------------------------- --------------------------------- ------------------------------------- ------------------------
950,000
ordinary
shares of
no par
value
allotted
on 28
November
2022 at
51.60p 950,000 490 (5) 485
------------------------------- --------------------------------- ------------------------------------- ------------------------
750,000
ordinary
shares of
no par
value
allotted
on 1
December
2022 at
51.50p 750,000 386 (4) 382
------------------------------- --------------------------------- ------------------------------------- ------------------------
500,000
ordinary
shares of
no par
value
allotted
on 2
December
2022 at
51.40p 500,000 257 (3) 254
------------------------------- --------------------------------- ------------------------------------- ------------------------
1,000,000
ordinary
shares of
no par
value
allotted
on 5
December
2022 at
51.30p 1,000,000 515 (6) 509
------------------------------- --------------------------------- ------------------------------------- ------------------------
Total
issued
share
capital at
31
December
2022 493,651,858 8,798 (79) 229,368
------------------------------- --------------------------------- ------------------------------------- ------------------------
The balance of shares held in treasury by the Company at 31
December 2022 was nil (30 June 2022: nil; 31 December 2021:
nil).
Refer to note 13 for further information subsequent to the
reporting period.
10 NAV per Ordinary Share
31 December 2022 31 December 2021 30 June 2022
(Unaudited) (Unaudited) (Audited)
NAV (GBP'000) 238,893 245,522 234,986
------------------ ----------------- -------------
Net asset per ordinary share (pence) 48.39 52.95p 49.30p
------------------ ----------------- -------------
NAV per ordinary share has been calculated based on the share
capital in issue as at year end. The issued share capital as at 31
December 2022 comprised of 493,651,858 ordinary shares (30 June
2022: 476,651,858 and 31 December 2021: 463,651,858).
11 Dividends
Six months ended Six months ended Year ended
31 December 2022 31 December 2021 30 June 2022
(Unaudited) (Unaudited) (Audited)
GBP'000 GBP'000 GBP'000
Amounts recognised as distributions to equity holders in the
period:
------------------- ------------------ --------------
Dividends in respect of the previous period
------------------- ------------------ --------------
- Fourth interim dividend 7,054 6,557 6,557
------------------- ------------------ --------------
Dividends in respect of the period under review
------------------- ------------------ --------------
- First interim dividend 4,815 4,551 4,552
------------------- ------------------ --------------
- Second interim dividend - - 4,636
------------------- ------------------ --------------
- Third interim dividend - - 4,687
------------------- ------------------ --------------
11,869 11,108 20,432
------------------- ------------------ --------------
Refer to note 13 for further information subsequent to the
reporting period.
A second interim dividend of 1.00p per ordinary share in respect
of the quarter ended 31 December 2022 is payable on 28 February
2023 to shareholders on the register on 27 January 2023. In
accordance with the IFRS, this dividend has not been included as a
liability in this set of condensed financial statements.
12 Related Parties
All transactions with related parties are carried out on an
arm's length basis.
The Board
On 26 September 2022, Wendy Dorman purchased additional 37,529
ordinary shares and as at 31 December 2022, the Directors each
beneficially held the following shares in the Company:
Caroline Hitch: 170,000 ordinary shares
Wendy Dorman: 149,529 ordinary shares
Duncan Baxter: 195,127 ordinary shares
Ian Cadby: 25,000 ordinary shares
John Newlands: 10,000 ordinary shares
There were no other transactions with the Board during the
period, other than the above and the directors' fees disclosed in
note 5.
Investment Manager
During the period, there were no transactions with the
Investment Manager other than investment manager fees. Refer to
note 4 for further information.
13 Subsequent Events
The Board have evaluated subsequent events for the Company
through to 27 February 2023, the date the condensed financial
statements were available to be issued and has concluded that the
material events listed below do not require adjustment of the
condensed financial statements.
Share Issues
Following the six month period ended 31 December 2022, the
Company undertook a further seven issues of ordinary shares
issuing, in total, an additional 17,850,000 ordinary shares of no
par value for total consideration of GBP9.2m. As at the date of
this report, the issued share capital of the Company was
511,501,858 ordinary shares of no par value.
Dividend Declaration
On 18 January 2023, the Company announced its second interim
dividend of 1.00 pence per ordinary share, payable on 28 February
2023 to shareholders on the register on 27 January 2023, having an
ex-dividend date of 26 January 2023.
Glossary of Terms and Definitions
Alternative Alternative performance measures are numerical measures of the Company's current,
Performance Measures historical or future performance, financial position or cash flows, other than
("APMs") financial measures defined or specified in the applicable financial framework.
The Company's applicable financial framework includes IFRS and the AIC SORP.
Refer to below for further details.
Company CQS New City High Yield Fund Limited
----------------------------------------------------------------------------------
Dividend yield The annual dividend per ordinary share expressed as a percentage of the share
price (bid price).
----------------------------------------------------------------------------------
Net asset value The value of total assets less total liabilities. Liabilities for this purpose
or NAV and NAV include current and long-term liabilities. To calculate the Net asset value
per ordinary share per ordinary share, the Net asset value is divided by the number of ordinary
shares in issue.
----------------------------------------------------------------------------------
Alternative Performance Measures
In accordance with European Securities and Markets Authority
('ESMA') Guidelines on APMs, the Board has considered what APMs are
included in the Interim Financial Statements which require further
clarification.
The Company uses the following APMs (as described below) to
present a measure of profitability which is aligned with the
requirements of our investors and potential investors, to draw out
meaningful data around revenues and earnings, and to provide
additional information not required for disclosure under accounting
standards:
-- NAV and Ordinary share price total return
-- Revenue earnings per ordinary share
-- Dividends per ordinary share
-- Premium/Discount
-- Gearing
All APMs relate to past performance. The following tables detail
the methodology of the Company's APMs.
NAV and Ordinary share price total return
The return to shareholders calculated on a per ordinary share
basis by adding dividends paid and declared in the period to the
increase or decrease in the share price (bid) or NAV. The dividends
are assumed to have been reinvested in the form of ordinary shares
or net assets.
Dividend per ordinary share NAV Share
2022 price (bid)
31 December 2022 (Unaudited) 2.00p 48.39p 52.60p
---------------------------- -------- -------------
30 June 2022 (Audited) 4.48p 49.30p 51.20p
---------------------------- -------- -------------
Capital return (1.85)% 2.73%
---------------------------- -------- -------------
Effect of dividend reinvestment 5.10% 5.02%
---------------------------- -------- -------------
Total return 3.25% 7.75%
---------------------------- -------- -------------
2021 Dividend per ordinary share NAV Share
price (bid)
31 December 2021 (Unaudited) 2.00p 52.95p 55.40p
---------------------------- ------- -------------
30 June 2021 (Audited) 4.47p 52.62p 54.80p
---------------------------- ------- -------------
Capital return 0.63% 1.09%
---------------------------- ------- -------------
Effect of dividend reinvestment 4.86% 4.55%
---------------------------- ------- -------------
Total return 5.49% 5.64%
---------------------------- ------- -------------
Revenue earnings per ordinary share
Revenue earnings (which includes dividends paid out during the
six month period ended 31 December 2022) divided by the weighted
average number of ordinary shares in issue during the six month
period ended 31 December 2022.
Six months to Six months to
31 December 2022 31 December 2021
(Unaudited) (Unaudited)
Revenue earnings a GBP10,982,000 GBP9,466,000
----------- ------------------- -------------------
Weighted average number of ordinary shares in issue b 483,222,238 453,397,510
----------- ------------------- -------------------
Revenue earnings per ordinary share (a/b)*100 2.27p 2.09p
----------- ------------------- -------------------
Dividends per ordinary share
The total amount of dividends declared for every issued ordinary
share over the six month period ended 31 December 2022.
Dividend History Rate xd date Record date Payment date
First interim 2023 1.00p 27 October 2022 28 October 2022 25 November 2022
------ ---------------- ---------------- -----------------
Second interim 2023 1.00p 26 January 2023 27 January 2023 28 February 2023
------ ---------------- ---------------- -----------------
Interim dividend per ordinary share 2.00p
------ ---------------- ---------------- -----------------
First interim 2022 1.00p 28 October 2021 29 October 2021 30 November 2021
------ ---------------- ---------------- -----------------
Second interim 2022 1.00p 27 January 2022 28 January 2022 25 February 2022
------ ---------------- ---------------- -----------------
Interim dividend per ordinary share 2.00p
------ ---------------- ---------------- -----------------
Premium/Discount
A premium is the amount by which the market price per ordinary
share of an investment company is higher than the NAV per ordinary
share. If the market price per ordinary share is lower than the
NAV, this is called a discount. The premium or discount is
expressed as a percentage of the NAV per ordinary share.
31 December 2022 30 June 2022
(Unaudited) (Audited)
Share price (bid price) a 52.60p 51.20p
--------- ------------------ --------------
NAV per ordinary share b 48.39p 49.30p
--------- ------------------ --------------
Premium/(discount) (a-b)/b 8.70% 3.86%
--------- ------------------ --------------
Gearing
The level of borrowing that the Company has undertaken.
Represented by total assets (being total assets less current
liabilities (excluding borrowings)) less all cash, expressed as a
percentage of shareholders' funds (being the NAV of the Company)
minus 100.
31 December 2022 30 June 2022
(Unaudited) (Audited)
GBP'000 GBP'000
Total assets 272,410 271,197
------------------ --------------
Current liabilities (excluding borrowings) (517) (3,211)
------------------ --------------
Cash and cash equivalents (2,781) (3,985)
------------------ --------------
Total a 269,112 264,001
--------------- ------------------ --------------
NAV b 238,893 234,986
--------------- ------------------ --------------
Gearing ((a/b)-1)*100 12.65% 12.35%
--------------- ------------------ --------------
A copy of the Company's Interim Report will be available shortly
from the Company Secretary, (BNP Paribas S.A., Jersey Branch, IFC
1, The Esplanade, St Helier, Jersey, JE1 4BP), or will be
circulated on the Company's website (
https://ncim.co.uk/cqs-new-city-high-yield-fund-ltd ).
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END
IR BRGDDRSDDGXR
(END) Dow Jones Newswires
February 27, 2023 12:51 ET (17:51 GMT)
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